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I
<br /> CROWDERGULF, LLC
<br /> ISTATEMENTS OF CASH FLOWS
<br /> FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
<br /> I2017 2016
<br /> CASH FLOWS FROM OPERATING ACTIVITIES
<br /> INet income $ 24,400,361 $ 23,693,893
<br /> Adjustments to reconcile net income to net cash
<br /> I used in operating activities:
<br /> Depreciation 340,(29 180(2.53.
<br /> Gain on sale of assets (17,339) 701)
<br /> (Increase) decrease in assets: , \\ /
<br /> Trade receivables (78;05 37N)V (60,752,169)
<br /> Related party receivables (9`181) 536
<br /> I Notes receivable (209,33,, (246,713)
<br /> Prepaid insurance 28,677 22,084
<br /> Deposits - 37,851
<br /> I Increase (decrease) in liabilities:
<br /> Accounts payable 7,422,023 5,629,137
<br /> Subcontractor retainage11,172,625 4,213,404
<br /> Accrued expenses 3,935,756 2,368,121
<br /> Net cash used in operating activities (30,990,216) (24,890,804)
<br /> I CASH FLOWS FROM INVESTING ACTIYITES
<br /> Purchases of property and equipment (4,859,153) (311,562)
<br /> Proceeds from sale of property
<br /> a ' equipment 50,000 40,750
<br /> INet cash used in investing ct V ties (4,809,153) (270,812)
<br /> CASH FLOWS FROM FINANCINGJACTIVITES
<br /> I Proceeds from line of�redit\ 38,950,000 12,750,000
<br /> Payments on note payable. related party (5,000,000) 5,000,000
<br /> Interest redemption- v - (8,688,868)
<br /> I Member contributions - 60,000
<br /> Member,d�st b\\ns (380,475) (401,605)
<br /> Net cash l( by\finnaancing activities 33,569,525 8,719,527
<br /> DECREASE IN CASH, CASH EQUIVALENTS, AND
<br /> /RESTRICTED-CASH (2,229,844) (16,442,089)
<br /> CASH, CASH EQUIVALENTS, AND RESTRICTED CASH,
<br /> BEGINNING OF YEAR 6,415,194 22,857,283
<br /> I CASH;CASH EQUIVALENTS, AND RESTRICTED CASH,
<br /> END OF YEAR $ 4,185,350 $ 6,415,194
<br /> SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
<br /> CASH PAID DURING THE YEAR FOR:
<br /> Interest $ 297,138 $ 962
<br /> ISee notes to the financial statements.
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